OIL well construction technology company Caledus said today it was expanding into new international markets after securing a £2million revolving credit facility from Lloyds Banking Group.
The funding from the Lloyds Bank Corporate Markets team in Aberdeen will allow the Granite City firm to further develop a presence overseas with a particular focus on Russia, Africa, Scandinavia and the Middle East.
Caledus, which counts some of the oil industry’s biggest names among its clients, has reported high demand in these territories for its well construction technology products.
Derek McLeod, managing director of Caledus, said: “It is important to us to have the support of a bank that can be a true partner through an exciting time of growth and expansion into new geographies. We needed a team that really understands what we’re trying to achieve.
“Caledus will not only be investing in new product development, but also in geographic expansion. We expect this approach to benefit our business significantly, contributing to our growth plans and securing the company’s long-term future.”
Iain Gallow, business development manager for Lloyds Bank Corporate Markets in Aberdeen, said: “Caledus is approaching an exciting period of development and growth. The company has grown quickly through offering a best-of-breed product range and our support will see that range reach new emerging markets abroad.
“We have been working with Caledus for some time and the management team has ambitious growth plans that we fully support. It is a highly innovative business with new products in the pipeline for 2011, so building a strong relationship with management has been a key part of the process.”
Caledus currently employs around 50 staff in Aberdeen, Australia, Canada and the Middle East. It also employs representatives in other areas of the world both selling and renting the firm’s specialist tools.
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